Federal Minister for Commerce Syed Naveed Qamar Thursday warned car dealers of strict action if prices of imported vehicles are not reduced following the removal of regulatory duty.
Speaking to media persons in Islamabad, the minister said that the additional regulatory duty on luxury goods ended on March 31 and urged car dealers to reduce the prices of imported vehicles.
The minister further said that the staff-level agreement (SLA) will be finalized with the International Monetary Fund (IMF) before the upcoming budget.
He highlighted that restrictions on the opening of letters of credit (LCs) will be lifted after the staff-level agreement. He said that with the reopening of LCs, raw materials will be easily available for export-oriented industries.
It is pertinent to mention here that the time-bound notifications on the imposition of regulatory duties and additional customs duties (ACDs) on the import of over 600 luxury and non-essential items expired on March 31.